Adf Foods Company History Information
                     Investor Presentation – May 2022
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Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and  
collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks,  
uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of  
the economies of various international markets, the performance of the industry in India and world-wide, competition, the company’s ability to successfully  
implement its strategy, the Company's future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income  
or cashflows, the Company's market preferences and its exposure to market risks, as well as other risks. The Company's actual results, levels of activity, performance  
or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any  
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or completeness
2
BUSINESS 
OVERVIEW
ABOUT ADF FOODS
ABOUT US
ADF Foods (ADF) is a leading manufacturer of prepared ethnic food, offering  
frozen foods, ready-to-eat (RTE) items, ready-to-cook (RTC) items, chutneys,  
sauces, pickles, spices, pastes, dips and milk drinks under its 8 Flagship  
brands.
OUR BRANDS
4
BUSINESS SNAPSHOT
8 3
BRANDS MANUFACTURIN
G  FACILITIES
55+ 2
COUNTRIES WAREHOUSES
180+ ~28,000
MTPA
DISTRIBUTORS CAPACIT
Y
5
BUSINESS DIVISIONS
Revenue (₹ 
PROCESSED FOODS BUSINESS Cr )
+15.1%
Large range of products suited for  335
different palates 293
253
20% One of the top brands in ethnic food
shelves in key markets
One of the largest Indian exporters of
processed snacks
FY20 FY21 FY22
DISTRIBUTION BUSINESS +63.3%
86
77
80% Synergistic products offering a wider
basket
32
Strong presence in US markets with a 
Processed Foods Business *  growing UK & Europe presence
Distribution Business *
FY20 FY21 FY22
* Revenue Breakdown as of FY22 6
PRODUCT PORTFOLIO
Select key products
 Snacks- Punjabi samosas, batata vada, kathi rolls
Frozen Products  Vegetables- Green chilli, Mix vegetable cut, methi, palak
 Breads- Tandoors, parathas
Ready-to-eat &  Ready to eat Normal- Pav Bhaji, dal makhni, matar paneer
 Ready-to-cook  Ready to eat Vegan- Bhindi masala, paneer (tofu) makhani Frozen Products
 Pickles- chilly, lemon, mango, mixed
Food   Chutneys – coconut, coriander, mint, sandwich, panipuri,  
Accompaniments date & tamarind
 Sauces- Pasta sauce, pizza sauce
Shelf Stable Products
Spices & Others  Spices- Madras curry powder, tamarind
 Others- Almond milk, Mango milk, turmeric and honey milk
400+
SKUs  Mexican products- Frozen Mexican hand rolled burritos,  Mexican Products plant based protein (Meat alternatives) like meatless  
meatballs
7
CUSTOMER CENTRIC 
APPROACH
STRENGTHENING THE REACH TO THE CONSUMERS
In addition to expanding our production capacities, ADF is also expanding its  
reach in key markets through direct distribution
MARKETING & 
MANUFACTURING WAREHOUSIN DISTRIBUTION ADVERTISING G
Greenfield + Brownfield Step-down subsidiary for  Media Advertising & In-store ~ 1 Lac Sq. Ft area of
direct distribution in New 
 Expansion Promotions warehouses
 Jersey and Georgia
Greenfield expansion -  360-degree marketing 1st warehouse in New  
frozen food, ready-to-  approach including social  Jersey, USA, has leasehold  Higher throughput
eat, condiments;  media, television, radio,  area of ~ 70,000 Sq. Ft.
potential to add ~10,000  OTT platforms, in-store Direct reach to retailers
metric tonnes of capacity sampling, in-store 2nd warehouse in  
 in Phase 1 promotions, leaflets and Georgia, USA with a  Better supply chain 
 hoardings
Unlock additional leasehold area of 33,000  
 management
 capacities of Sq. Ft
~20% at existing facilities Higher margins
 through de-  
bottlenecking
9
A BOUQUET OF GLOBAL BRANDS
Positioning Flagship Brand targeted at Indian diaspora worldwide Primarily targeted at Non-Indian diaspora consumers
Frozen Snacks, frozen breads, frozen vegetables, RTE, meal
Products RTE, meal accompaniments, pastes, saucesaccompaniments, pastes, sauces, spices, milk drink
Geographies USA, Canada, UK and APAC Germany & USA
Retail Channel 70-90% from ethnic stores across geographies ;  100% from mainstream/ modern trade stores
Balance from mainstream/ modern trade stores
Positioning Premium brand targeted at Arabic diaspora Economy Brand
Products Meal accompaniments, pastes, sauces Meal accompaniments, pastes, sauces
Geographies Middle East Middle East
Retail Channel 65% from mainstream/modern trade stores; 35%95% from mainstream/ modern trade stores
general trade
10
A BOUQUET OF GLOBAL BRANDS
Frozen Organic 
 Mexican Food
Positioning Primarily targeting urban Indian customers Organic, made with USDA certified organic ingredients
Products Meal accompaniments, pastes, sauces Hand rolled burritos
Geographies Sold and marketed primarily in Mumbai, India USA
Retail Channel Available in Reliance Retail, Sahakari Bhandar & Haiko; and  100% from mainstream/ modern trade stores
select online channels
Plant Based Protein 
 (Meat 
Alternatives)
Mughlai course - kebabs, curries, naans, pulao, along  
Positioning Non-GMO, all natural, vegan, vegetarian with achars
Products Meatless meatballs Easy to cook frozen meals
Geographies USA In planning stage
Retail Channel 100% from mainstream/ modern trade stores In planning stage
11
MANUFACTURING FACILITIES
• Total Built up factory area - 15,000 Sqm
• Frozen foods (Samosas, vegetables, 
 snacks, parathas, etc.)
• Meal accompaniments (Pickles, chutneys, 
 pastes, sauces)
• Ready to eat curries & canned vegetables
Manufacturing 
• Total Built up factory area – 10,100 Sqm expansion  
• Totally automated spice processing unit 
 by Buhler, Germany initiatives
• Existing FacilitiesReady to eat curries and spices; meal

accompaniments Undertaking and
bderobwonttfil enldecking efforts at existing
plants in Nadiad and Nasik
 Unlock additional capacities of ~20%
New Facility
• Manufacturing of frozen products  Greenfield expansion at Surat to  
• increase capacities for frozen food,  Leased facility with total area of 2,800 
 Sqm ready-to-eat, condiments
 Potential to add ~10,000 metric  
tonnes of capacity in Phase 1
12
Surat,  Nasik,  Nadiad, 
Gujarat Maharashtr  
a Gujarat
CERTIFICATIONS & ACCREDITATIONS
ISO 9002 certification BRC accreditation
Awarded prestigious ISO 9002 certification APEDA (Ministry of Commerce and Industries) 
 by BVQI of U. K. for export  Award for exceptional performance in Exports
promotion.
Bureau Veritas Hazard analysis & critical control point
This accreditation demonstrates that Accreditation of internationally recognized  
 products, processes and services meet HACCP (Hazard Analysis and Critical  
the Control Point) certification
highest levels of safety, quality and
regulatory standards.
USDA Organic UKAS
The facility at Nasik is USDA Organic  UKAS accreditation which ensures high  
accredited, ensuring stringent production standards for managing occupational health 
 norms and sound farming practices  and safety.
13
AWARDS & RECOGNITIONS
BUILDING A LONG-LASTING LEGACY
Great Taste Award Best FMCG Company SOFI Awards 2017 Best Overall Exceptional  
 (SME Sector) exported of the year Performance in 
 Exports
In 2017-18, the Company’s Awarded ‘Best FMCG  ‘Truly Indian’ organic Awarded ‘Best Overall  The company received  
 ADF Soul Brand has won  Company’ in Agri-  product category won Exporter of the Year’ (SME  prestigious APEDA award  
the prestigious ‘Great  business sector (SME  two silver awards in the  Sector) at the DHL- CNBC  for 5 consecutive years  
Taste Award’ in the Ready  Sector) at the DHL- CNBC  SOFI awards of 2017,  International Awards for  from 1997-98 for exports  
to Eat category for Punjabi  International Awards for  held by Specialty Foods  2008-09 promotion.
Choley in the UK 2008-09 Association, USA
14
Warehousing and Distribution Facilities
Atlanta, USA
New Jersey, USA
Atlanta, USA
New Jersey: 66,000 sq.ft. Atlanta: 34,000 sq.ft.
New Jersey, USA
ADVERTISING & MARKETING
ADVERTISEMENT & MARKETING EXP % REVENUE
11.5
8.8 8.4 8.8
8.1 8.4
7.3
5.7
5.8 5.8
4.5 5.0
4.0
FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22
• The PLI scheme was introduced to enhance the nations manufacturing  
capacities and improve national brand presence globally
• Received approval for PLI incentive to promote branding & marketing  
PLI Scheme  on the global stage
Incentive for  • Financial incentive for 50% of the budgeted outlay on international  
Branding &  branding & marketing expenses or 3% of sales of food products  
Marketing Expense whichever is lower, subject to a maximum incentive of Rs. 61.35 Crore  
during the scheme tenure from FY’21-22 to FY’25-26
• This will help in augmenting export sales through increased branding  
expenditure
ADVERTISING & MARKETING
SOCIAL MEDIA MARKETING
17
GLOBAL DISTRIBUTION NETWORK
55+
COUNTRIES CANA
DA
EUROP
E
180+ ASI
NORTH A
AMERICA MIDDLE 
EAST
DISTRIBUTORS
HO
Mumb
ai
2
WAREHOUSE
S AUSTRAL
IA
SOUTH 
9 AFRICA
COUNTRY 
MANAGERS
18
STRENGTHENING DISTRIBUTION
Unilever Canada Patanjali Ayurveda
Patanjali Ayurveda is  a rapidly growing Indian
Unilever is a Fortune 500 FMCG company selling products
Positioning multinational consumer  goods company based in
like tea, coffee, beverages, etc. across the globe.
Uttarakhand, India
Products Indian tea and coffee beverages, soups & wheat flour Natural, herbal and ayurvedic packaged goods
Geographies USA and UK UK and Western Europe
Retail Channel Mainstream/ modern trade stores as well as ethnicMainstream/ modern trade stores as well as ethnic stores
stores
INVESTMENT  
IN  Complimentary Cross Selling Loyal customer base Stronger position with 
 products
DISTRIBUTION  retailers
19
STRATEGY & 
OUTLOOK
VALUE PROPOSITION WITH GROWTH DRIVERS
Processed Foods Distribution Growth Strategies Investments
◆ QSR / Cloud Kitchen ◆ Expansion
FY22 Revenue ₹ 335.3 FY22 Revenue ₹ 85.9 — Manufacturing capacities
Cr Cr ◆ India Business — Distribution network
FY22 ROCE 33.8%* FY22 ROCE 19.6%* ◆ Launch of Innovative 
◆
 Products Inorganic Acquisition
Innovative products Stronger position with 
 retailers Opportunities
Capacity expansion
Cross Selling QSR / Cloud Kitchen Strengthening 
Brand building DistributiCoanpacity Expansion Acquisitions
Loyal customer base
Focus on mainstream customers India Business Product Innovation
Focus on mainstream stores Complimentary products E-commerce Plant based Foods
* ROCE = EBIT / Average of (Segment Assets – Segment Liabilities) 21
AT AN INFLECTION POINT
Strong “ At ADF we believe in maintaining high quality  
Brand  standards, introducing new and innovative  
Recall products while remaining customer centric “
01
Capacity  
Inorganic  02 Enhanceme
Acquisition 06 nt
s & 
Modernizatio
n
Expand 
Institution 05 existing  
al  03 distribution  
business network as 
well  as 
04 investment to  
create new  
Leverage Digital  distribution  
Technology/Ecomm channels
erce  platforms
22
FINANCIAL 
PERFORMANCE
STRONG & SUSTAINABLE FINANCIAL PERFORMANCE
REVENUE (₹ Cr ) EBITDA (₹ Cr ) & MARGIN PAT (₹ Cr ) & MARGIN (%)
(%)
10.7% 16.7% 18.6% 18.5% 15.8% 9.1% 10.9% 15.0% 13.5% 11.5%
421.2
68.3 66.5 50.1+27.8% 48.5
+20.3% 369.8
+32.5%
42.8
53.1
285.2
231.4 38.7
201.0 25.3
18.2
21.6
FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22
24
Q4 & FY22 CONSOLIDATED RESULT HIGHLIGHTS
REVENUE (₹ C ) PAT (₹ Cr ) & MARGINr EBITDA (₹ Cr ) & MARGIN
+5.0%
-25.4% -24.5%
103.0 108.2 20.6 14.9
15.4 11.3
20.0% 14.2% 14.5% 10.4%
Q4FY21 Q4FY22 Q4FY21 Q4FY22 Q4FY21 Q4FY22
+13.9% -2.5% -3.1%
421.2 68.3 66.5 50.1 48.5
369.8
18.5% 15.8% 13.5% 11.5%
FY21 FY22 FY21 FY22 FY21 FY22
25
Annual performance Quarter performance
Q4 FY22 CONSOLIDATED PROFIT & LOSS
Particulate (₹ Cr) Q4FY22 Q4FY21 Y-o-Y Q3FY22 Q-o-Q FY22 FY21 Y-o-Y
Revenue from Operations 108.2 103.0 5.0% 117.1 -7.6% 421.2 369.8 13.9%
Cost of Materials consumed 30.5 30.2 26.9 120.2 107.3
Purchase of stock-in-trade 17.7 37.3 10.6 88.8 124.9
Changes in Inventories 2.4 -10.5 16.5 0.7 -17.1
Gross Profit 57.5 46.0 25.0% 63.1 -8.9% 211.5 154.7 36.7%
GP Margin 53.1% 44.6% 53.9% 50.2% 41.8%
Employee Benefits Expense 6.3 5.3 6.5 23.6 17.6
Other Expenses 35.8 20.1 36.8 121.5 68.8
EBITDA 15.4 20.6 -25.4% 19.8 -22.4% 66.5 68.3 -2.5%
EBITDA % 14.2% 20.0% 16.9% 15.8% 18.5%
Depreciation and Amortisation Expense 3.1 1.5 2.9 9.1 5.9
Finance Costs 0.8 0.3 0.7 1.8 1.2
Other Income 3.9 1.5 1.6 9.5 5.5
PBT 15.3 20.4 -25.0% 17.9 -14.4% 65.1 66.7 -2.4%
PBT Margin 14.1% 19.8% 15.3% 15.5% 18.0%
Tax Expenses 4.0 5.5 4.3 16.6 16.6
PAT 11.3 14.9 -24.5% 13.6 -17.1% 48.5 50.1 -3.1%
PAT % 10.4% 14.5% 11.6% 11.5% 13.5%
26
CONSOLIDATED PROFIT & LOSS
Particulate (₹ Cr) FY22 FY21 FY20 FY19 FY18
Revenue from Operations 421.2 369.8 285.2 231.4 201.0
Cost of Materials consumed 120.2 107.3 81.8 89.3 78.2
Purchase of stock-in-trade 88.8 124.9 86.4 42.0 34.1
Changes in Inventories 0.7 -17.1 -19.2 -11.1 1.5
Gross Profit 211.5 154.7 136.1 111.1 87.2
GP Margin 50.2% 41.8% 47.7% 48.0% 43.4%
Employee Benefits Expense 23.6 17.6 17.6 16.1 16.4
Other Expenses 121.5 68.8 65.4 56.3 49.3
EBITDA 66.5 68.3 53.1 38.7 21.6
EBITDA % 15.8% 18.5% 18.6% 16.7% 10.7%
Depreciation and Amortisation Expense 9.1 5.9 5.9 14.2 6.8
Finance Costs 1.8 1.2 1.3 0.9 1.1
Other Income 9.5 5.5 9.4 14.1 18.6
PBT 65.1 66.7 55.3 37.7 32.2
PBT Margin 15.5% 18.0% 19.4% 16.3% 16.0%
Exceptional Items -0.3 0.0 0.0
Tax Expenses 16.6 16.6 12.2 12.4 14.0
PAT 48.5 50.1 42.8 25.3 18.2
PAT % 11.5% 13.5% 15.0% 10.9% 9.1%
27
CONSOLIDATED BALANCE SHEET
Equity & Liabilities (₹ Cr) Mar’22 Mar’21 Assets (₹ Cr) Mar’22 Mar’21
Equity Non-Current Assets
(a) Equity Share Capital 21.3 20.4 (a) Property, plant and equipment 115.6 55.9
(b) Other Equity 321.6 253.1 (b) Capital Work-in-Progress 0.1 0.3
(b) Non-controlling interest 2.6 (c) Intangible Asset 21.4 21.3
Total Equity 345.6 273.5 (d) Goodwill 23.2 -
Non-Current Liabilities Financial Assets
(a) Financial Liabilities (a) Loans 0.1 0.3
(i) Lease liabilities 49.5 0.1 (b) Other Financial Assets 2.3 1.6
(ii) Borrowings 10.7 Deferred tax assets 2.8 3.4
(iii) Other Financial Liabilities - - Income tax assets 5.0 5.0
(b) Provisions 0.9 0.8 Other Non Financial Assets 0.7 0.5
(c) Deferred tax Liabilities (Net) 8.1 7.6 Total Non-Current Assets 171.2 88.3
Total Non-Current Liabilities 69.2 8.4 Current Assets
Current Liabilities
(a)Inventories 76.2 72.9
(a) Financial Liabilities (b) Financial Assets
(i) Borrowings 4.8 - (i) Investments 39.3 16.6
(ii) Lease Liabilities 4.9 0.6 (ii) Trade Receivable 71.0 64.9
(iii) Trade Payables 31.6 34.8 (iii) Cash and Cash Equivalents 54.2 39.8
(iv) Other Financial Liabilities 11.6 7.2 (iv) Bank balances other than above 23.4 24.9
Other non financial liabilities 1.5 2.0 (iv) Loans 0.4 0.5
Provisions 0.1 0.1 (iv) Other financial assets 20.7 10.3
Income tax liabilities (net) 1.3 0.3 (c) Other non financial assets 14.4 8.7
Total Current Liabilities 55.8 45.1 Total Current Assets 299.4 238.7
Total Equity & Liabilities 470.6 327.0 Total Assets 470.6 327.0
28
CONSOLIDATED CASH FLOW STATEMENT
Cash Flow Statement (₹ Cr) Mar’22 Mar’21
Cash Flow from Operating Activities
Profit before Tax 65.1 66.7
Adjustment for Non-Operating Items 6.5 4.4
Operating Profit before Working Capital Changes 71.6 71.2
Changes in Working Capital -23.1 -22.4
Cash Generated from Operations 48.5 48.7
Less: Direct Taxes paid -14.4 -13.2
Net Cash from Operating Activities 34.1 35.6
Cash Flow from Investing Activities -53.8 -8.2
Cash Flow from Financing Activities 33.0 -7.4
Net increase/ (decrease) in Cash & Cash equivalent 13.3 20.0
Cash and cash equivalents at the beginning of the year 39.8 20.2
Unrealized Foreign exchange restatement in Cash & Cash equivalents 1.1 -0.3
Cash and cash equivalents at the end of the year 54.2 39.8
29
SEGMENT WISE RESULTS BREAK UP
REVENUE (₹ 
Particulate (₹ Cr) Q4FY22 Q4FY21 Y-o-Y Q3FY22 Q-o-Q FY22 FY21 Y-o-Y Cr ) +13.9%
Revenue
421.2
Processed & Preserved Foods 87.4 84.2 3.9% 91.3 -4.3% 335.3 293.2 14.4% 369.8
Agency Distribution 20.7 18.8 10.1% 25.8 -19.6% 85.9 76.7 12.1%
Total 108.2 103.0 117.1 421.2 369.8 +5.0% 335.3293.2
103.0 108.2
Results 84.2 87.4 76.7 85.9
Processed & Preserved Foods 20.718.5 23.4 -21.1% 18.4 0.5% 68.0 64.0 6.1% 18.8
Q4FY21 Q4FY22 FY21 FY22
Agency Distribution 2.1 1.3 61.3% 3.4 -38.5% 10.0 9.7 3.9%
Total 20.6 24.7 21.8 78.0 73.7 EBIT (₹ 
Cr ) +5.8%
Capital Employed
78.0
Processed & Preserved Foods 218.9 182.8 73.7
Agency Distribution 64.6 37.9
-16.8%
64.0 68.0
Margin (%) 24.7 20.6
Processed & Preserved Foods 21.2% 27.8% 20.2% 20.3% 21.8%
23.4 18.5
Agency Distribution 10.0% 6.8% 13.1% 11.7% 12.6%
1.3 2.1 9.7 10.0
Q4FY21 Q4FY22 FY21 FY22
Processed Foods Distribution
30
GOVERNANCE 
FOCUSED
CONSISTENT SHAREHOLDER RETURNS
FY17 FY18 FY19 FY20 FY21 Rs 90.1 crores  VALUE CREATION FOR
Rs 9.6 crore Rs 5.5 crore Rs 30 crore Rs 6 crore Rs 6 crore Returned to  SHAREHOLDERS
Buyback Dividend Payout Buyback Dividend Payout Dividend shareholders in the last 
Payout  13 years
30.0 Robust shareholder  
returns over the last 10 
 years
Value creation through  
buyback in FY17 and FY19  
9.6 8.8 during which dividend was 
6.6 6.0 6.0  not paid
3.5 3.0 3.0 3.0 3.3 3.3
4.0
FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22*
26% 21% 49% 22% 58% 37% 51% 31% 14% 12% 18%
Total Dividend (₹ Cr) Payout Ratio = Dividend/PAT Shares buyback amount
*For FY22, the Board has recommended a dividend of Rs. 4/equity share. 32
CORPORATE SOCIAL RESPONSIBILITY (CSR)
Education support 
Covid Measures Clean India Mission Women Empowerment
 program
₋ Partnered with NGOs for supply of oxygen  ₋ Swachch Bharat Abhiyaan: Constructed over 100  ₋ Partnered with several education not-for-profit  ₋ ADF helps in the cause of giving women a safe space  
concentrator machines and distribution of food and  toilets with running water supply in Nadiad district. organizations to provide educational support to  to live and work by contributing towards the annual  
hygiene kits to slums and village children in  facilitate regular studies, value education,  maintenance cost of a girl’s hostel in Mumbai and a  
₋ Programmes to educate villagers about proper  
Maharshtra. personality development etc. girls school in Porbunder, Gujarat.
sanitation and hygiene practices.
₋ Further the Company has provided financial aid to  
start a vocational training centre at Nadiad
Animal Support to Environmenta
Welfare the Disabled Medical Aid l  Protection
₋ Involved with an animal protection organization IDA  ₋ Contribute for annual maintenance expenses and  ₋ Partnered with two NGOs viz. Nirant Vividh Seva  ₋ Partnership with a NGO called Isha Outreach which  
(In Defence of Animals) since 2016 that provides  financial aid of Cheshire Home, NGO that provides  Trust and Samanvay Samajik Sanstha towards  is a part of the Cauvery campaign which aims at  
medical care to ill and injured animals and also runs  residential care to physically challenged men providing financial support to underprivileged  supporting farmers to plant 242 crore trees in next  
neutering drives for strays. ₋ Partnered with SIES College, Stephen’s High School  people across India. 12 years.
& a Spastic Society called ADAPT all located in  ₋ Provided financial aid two hospitals in Nadiad to  
Mumbai to impart educational support to disabled  purchase medical equipment.
children.
33
BOARD OF DIRECTORS
Bimal Thakkar  
Chairman, Managing Deepa Harris Viren Merchant Ravinder Jain Chandir Gidwani Jay Mehta
 Director and CEO Independent Director Non-Executive Director Independent Director Independent Director Non-Executive Director
 35 years of experience  30+ years of expertise in  30+ years of experience  35+ years of rich  
 in domestic and  highend luxury   and expertise in   45+ years of  45+ years of industrial experience
export  food industry hospitality category business management  experience  in business  experience  in financial 
management services  Executive Vice Chairman and pharmaceutical and 
 Instrumental role in   of Gujarat Sidhee  
developing brands and  Independent Director of  healthcare industry Cement Ltd and  
 PVR Limited, Jubilant   Ex - MD of Shaw   Chairman Emeritus &  new products, tapping  Saurashtra Cement Ltd
 Wallace, MD of  Founder of Centrum  new markets,  Foodworks, Prozone  Currently CEO of Encore Millennium Alcobev and Capital Ltd; Member of 
international  Intu Properties, Taj   Healthcare Pvt Ltd  head of McDowell and   industry associations
acquisitions, setting up  Safaris, Concept  Co. e.g. FICCI, CII, etc.
of subsidiary companies Hospitality and TCPL  
 in U.K. and U.S.A.
Packaging
34
MANAGEMENT TEAM
• Under Bimal’s leadership, ADF Foods has evolved from a small dried fruit store to a global brand with food processing and
Bimal Thakkar  distribution capabilities and presence in over 55 countries.
Chairman, Managing • Further, Bimal played a pivotal role in taking the Company public in 1991. Since then, the Company has not only remained debt  
 Director and CEO free but also extremely profitable with robust financials.
• Going forward, the Company is well-poised for accelerated growth under leadership, guidance and vision of Bimal.
Shardul Doshi • Shardul is a CA, CWA and CS with over 25 plus years of experience with various multinational and large Indian corporates.
Chief Financial Officer • Shardul has strong knowledge and proficiency in areas of equity & debt fund raising, investor relations, strategy, M&A,  
corporate restructuring, MIS, accounts and taxation. He has been associated with the Company since last two years.
Devang Gandhi • Devang brings to ADF over 30 years of rich and varied corporate experience in multiple industries.
Chief Operating Officer • He joined as a Company COO in 2019 and since then have played an important role in bringing best practices and operational  
excellence which has helped in streamlining of operations and cost reduction.
• Mr. Devang Gandhi is a commerce graduate and a management trainee from Switzerland and Germany.
Shalaka  
• Shalaka Ovalekar is a qualified Company Secretary, CWA, and has a Bachelor’s degree in Law and Commerce.
Ovalekar • She has 17+ years of experience in secretarial and legal functions. She has been working with the Company as Company
CS & Legal Secretary, Compliance Officer and Legal Head for over 12 years.
Head
35
THANK YOU
ADF Foods Limited
CIN: L15400GJ1990PLC014265
Mr. Shardul Doshi, CFO  
[email protected]
Mr. Bhavin Soni
+91 9833537225
[email protected]
Mr. Jinal Fofalia
+91 7738327567
[email protected]